Get your vehicle insured with a suitable insurance policy

1. VEHICLE INSURANCE

2. Get your vehicle insured with a suitable insurance policy Vehicle insurance is an integral part of your car purchase. Although it’s a recurring annual expense, you can make a fair amount of savings on the annual premiums. Being aware of the nitty-gritty of such motor policies would be a good idea. The market caters two types of vehicle policies: Third Party & Comprehensive vehicle policy. The third party refers to protection cover for the damages in an event of an accident causing injury, health damage or loss of life. It also includes personal accident cover for the owner-driver. This policy will not cover any damages to your motor. As per the law, it is mandatory to hold at least third party cover to drive your car on road. A comprehensive cover is a protective cover your vehicle as well. It provides you both third party and own vehicle damage coverage.

3. Although, taking a comprehensive in not mandatory but if purchased, it will prove quite helpful as it takes care of your financial needs during an emergency. It is advisable to cover for damages done to your own vehicle as well. Every vehicle is insured based on the value of the manufacturer’s price of the vehicle deducting the depreciation as per the vehicle’s age known as Insured Declared Value. The damage to third party property is covered up to a sum of around 7 to 8 lakhs for the car and around 1 to 2 lakhs for two-wheelers. While there is no such limit on the cover for injury or death to the third party. The premium on the vehicle insurance policy is determined on various factors like a model, engine capacity, type of engine, fuel type, the city you live, your age, profession, security aspects, claim experience and last but not the least the modifications made/accessories added to the vehicle.

4. One of the most common ways to save premium would be accumulating No Claim Bonus (NCB), where you can get the discount on your premium if you have not made any insurance claim during the existing years. You can increase your discounts with each successive year of zero-claim and goes up to as high as 50% to 60%. Experts suggest instead going for claims on petty dents or small scratch and utilize your No Claim Bonus, let them accumulate and then trade them for a lower premium or higher insurance claim. Another way to reduce your insurance premiums would be installing safety devices, having a membership of an automobile association, choosing higher deductibles, parking in garages, safe area, etc. You can always enhance the protective cover by opting for an add-on to insurance for risks that are not covered under a standard policy.

5. There is some standard exclusion such as normal wear and tear, mechanical or electrical breakdown. If the person driving the vehicle doesn’t have valid license or driving under the influence of alcohol or drugs, you will not be able to claim your vehicle insurance policy. Companies are also in need of business and offer best of the benefits & discounts to potential and existing customers. You don’t have to be afraid or buy a policy as a mandate. Just like compare apples-to-apples while shopping for clothes, accessories, etc. you can do a thorough comparison online for your vehicle insurance plan as well. Opt a plan after careful examination of all the features, benefits and discounts. You can change your vehicle insurance provider if you’re not happy with the policy structure, claim procedure or timely customer service experiences.

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